Medical Savings Accounts in Singapore: How much is adequate?

Ngee Choon Chia and Albert Tsui

Finance Working Papers from East Asian Bureau of Economic Research

Abstract: While many studies have examined the cost-containment aspect of Medical savings accounts (MSA), few have investigated the adequacy of MSA to finance the health care expenditure. This paper estimates the present value of lifetime healthcare expenses (PVHE) of the Singaporean male and female elderly upon retirement at age 62. The estimation involves calibrating the stream of future healthcare expenditure; stochastic forecasting of cohort survival probabilities; and discounting the projected lifetime healthcare expenditure. Estimated values of the PVHE under various scenarios are used to assess the adequacy of the government-decreed minimum saving to be maintained in the MSA.

Keywords: present value of lifetime health care expense; cohort survival probabilities (search for similar items in EconPapers)
JEL-codes: G00 H51 I18 J11 J14 (search for similar items in EconPapers)
Date: 2005-01
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Citations: View citations in EconPapers (5)

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Journal Article: Medical savings accounts in Singapore: how much is adequate? (2005)
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